India 'sees' its third unicorn of 2024 in logistics services platform Porter.

Economy Business

Logistics startup Porter has become the third unicorn this year, following an internal funding round where friends and family purchased shares directly from the company’s employee stock ownership plan, according to sources familiar with the matter. Moneycontrol was the first to report the news, which said 15-20 individuals bought shares worth Rs 25 crore in the company, at a valuation of above $1 billion. Earlier this year, fintech firm Perfios and Ola’s AI venture Krutrim had turned unicorns. As per Tracxn, there were 113 unicorns in India as of earlier this month.


      PeakXV-backed Porter’s earlier valuation was $514 million, after it raised $101 million in a Series E round from investors such as Tiger Global, Vitruvian Partners, Lightrock India and more.

     

     

 

     


          ____________________________